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The 'Debt Limit': Time to End 95 Years of False Labeling


US Politics & Gov't  (tags: debt ceiling, republicans, democrats, government, propaganda, media, americans, economy )

Carrie
- 490 days ago - americanprogress.org
Congress and the White House have struggled over what has wrongly been called the "debt limit" since 1917, when a cap on the Treasury Department's borrowing authority was inserted into legislation permitting "Liberty Bonds" to be sold.



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Comments

Joanne Dixon (34)
Saturday December 15, 2012, 2:02 pm
I really wish everyone would quit worrying about this non-issue. We are not bankrupt, we are not even broke, and we're not in danger. This article is not the only place this has been explained, but apparently it keeps going over all our heads:

http://www.forbes.com/sites/pascalemmanuelgobry/2012/10/19/no-the-united-states-will-not-go-into-a-debt-crisis-not-now-not-ever/

And before the trolls start coming out, Mr. Gobry is a philosophical conservative.
 

Sergio Padilla (62)
Saturday December 15, 2012, 4:08 pm
Thanks
 

marlene barrett (6)
Saturday December 15, 2012, 4:25 pm
interesting...Shared
 

James Maynard (62)
Saturday December 15, 2012, 7:57 pm
Either we approve what we said we'd pay for or
we are liars and frauds. Are you a liar and
fraud Mr. Speaker?

Don't make me answer this for you.
 

Colleen L. (2)
Saturday December 15, 2012, 8:03 pm
Thanks Carrie
 

Robert Tomlinson (64)
Saturday December 15, 2012, 8:10 pm
I must add an "AMEN" to the article and those who have commented.
 

John S. (294)
Sunday December 16, 2012, 4:39 am
And exactly what happened before that?
 

John Gregoire (248)
Sunday December 16, 2012, 6:28 am
Good explanation. Regardless, we should never spend more than we earn. Suggest shutting down the Fed and their false control of interest rates which only favors the rich and big business.
 

Lois Jordan (55)
Sunday December 16, 2012, 2:53 pm
Worrying about the debt will cause the same painful austerity that is rampant in Europe. Addressing that issue by significantly de-funding the Pentagon, ending tax cuts for the wealthy, ending subsidies and tax breaks to dirty oil and other corporations who don't need them, imposing a Financial Transaction Tax on Wall St., finally reinstating Glass-Steagall, closing tax loopholes and imposing a stimulus twice as big as the previous one are the first steps that should be taken.
 

Gloria picchetti (279)
Monday December 17, 2012, 4:29 am
If debt were a problem why did Bush the Second get away with a war over no WMD? I guess he thought seniors would gladly give up Social Security to fund his war?
 

Julia Troitskaia (29)
Monday December 17, 2012, 4:38 am
Thank You!
 
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